KB Home Shares Rally After Results Top Wall Street Estimates

KB Home shares rallied in the extended session Wednesday after the homebuilder topped Wall Street estimates for the quarter and said backlogs and order values grew. KB Home shares jumped 8.5% to $14.21 after hours. The company reported fiscal first-quarter earnings of 14 cents a share on revenue of $678.4 million. Analysts surveyed by FactSet had forecast earnings of 11 cents a share on revenue of $632.9 million. KB Home said its year-over-year backlog grew by 29% to $1.43 billion, and net order value rose 9% to $824.7 million.